TechFlow news: Digital asset management firm Hashnote has announced a partnership with Paxos to enable a "two-way atomic settlement process," allowing instant conversion between yield-generating USYC tokens and PayPal's stablecoin.
According to a press release, PayPal launched its PYUSD stablecoin in collaboration with Paxos last year. Now, through this partnership with Paxos, Hashnote aims to improve the settlement process for its U.S. Treasury-backed USYC token.
Data from The Block's dashboard shows that PYUSD’s market cap exceeded $300 million at the beginning of this year but shrank significantly in March.
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